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Alibaba shares drop after shake-up, Nio, Xpeng shares slide on China fears, and other stocks on the move

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Alibaba shares drop, along with stocks in Nio and Xpeng lower along with other movers

Cano Health Inc. stock CANO jumped 15% after the primary-care provider said its chief executive has agreed to step down.Cano Health Inc. stock CANO jumped 15% after the primary-care provider said its chief executive has agreed to step down.

Shares of Nikola Corp. NKLA rose more than 5% in premarket trading after the EV truck maker said it was planning to let go of about 18% of its workforce as it tries to shore up its balance sheet.Shares of WeWork Inc. WE tumbled 12% as shareholders voted overwhelmingly for a reverse stock split, according to a Securities and Exchange Commission filing on Friday.

Stock in China EV makers Nio Inc. NIO and XPeng Inc. XPEV fell more than 5% each, as U.S.-listed stocks played catchup with two days of weakness for China markets. Goldman Sachs cut its growth forecasts for the country and the People’s Bank of China on Tuesday announced cuts in lending rates, the extent of which which disappointed some.

Alibaba Group Holding Ltd. BABA shares fell 2.3% in premarket trading after the Chinese e-commerce said Daniel Zhang will step down from chairman and chief executive officer roles. He will stay on to lead the cloud business, due to be spun off.

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Alibaba, other tech stocks drop as Goldman downgrades China growth forecastChina stocks had a rough ride on Monday, as Goldman Sachs piled on worries over growth and investors fretted the country won't move fast enough with stimulus.
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